FRANKFURT (Germany), November 6, 2009 (AFP) – Hundreds of employees of the German loan-to-wear Escada hosted Friday, November 6 with emotion Megha Mittal, the new owner of the mark, according to committee chair business.
“We cried tears of joy,” he told AFP the president of the Works Ursula Dreyer. “This is our dream partner, not just the Executive,” she added.
Following the announcement of its purchase of Escada, Megha Mittal was presented to the group’s headquarters in Munich (south) with her husband, Aditya Mittal, the young chief financial officer of steel giant ArcelorMittal and son Unique Indian tycoon Lakshmi Mittal.
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It was the “dream life” to engage in a group fashion, Ms. Dreyer said, citing about the young woman who works in the investment bank and lives in London.
Mrs. Mittal has insisted Friday that it had connections in the fashion in India, especially from suppliers.
Negotiations on possible job cuts would start in the coming weeks, according to Ms. Dreyer.
In situations of market failure for several years, Escada had to file for bankruptcy this summer and was looking for a buyer. More than a dozen bids were received, including that of Sven Ley, the son of group founder Wolfgang Ley, who appeared in the last four.
The current boss of the group, Bruno Sälzer, should be kept at his post. The day before, the Executive and the Mittal family have agreed to collaborate on the basis of the new strategy introduced in 2008 by Mr. Sälzer, which includes opening up to the mid-range, guided Formula Hugo Boss Mr. Sälzer which was the previous boss.
No financial details of the takeover was unveiled for the moment. The spokesman of Escada and the Mittal family were not immediately available.
Tags: Escada, Megha Mittal